Apple’s rare mid-cycle hardware price increases pushed the stock lower on June 25, but Wall Street’s early response stayed largely upbeat as analysts kept their ratings and targets unchanged.

Apple shares fell about 4.8% in morning trading Thursday after the company announced the price increases. The announcement followed Micron’s blockbuster earnings report, which reinforced Wall Street’s view that AI-driven demand will keep DRAM and NAND prices elevated.

The selloff made Apple one of the biggest losers among megacap technology stocks even as analysts largely maintained their bullish outlooks.

The first analyst reactions published after Apple’s June 25 announcement show a consistent view. Rather than cutting…